Profile picture for Christopher Jones

Christopher Jones

Lender

Sr. Mortgage Loan Originator (16 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning

Advice

  • (326 Contributions,
  • 7 Best Answers,
  • 55 Helpful)

Contributions are sorted newest to oldest.

Will Freddie Mac Keep My Earnest Money?

Answer

You should have an attorney review your contract. Like you mentioned, there are things that will take longer than 10 days to approve. In most cases, a mortgage contingency "should" protect you but make sure you review the contract with an attorney so that you are protected.

  (0)
Concerns about non Fannie/Freddie backed mortgage

Answer

It sounds to me you are being offered Lender Paid Mortgage Insurance (LPMI).  LPMI is accepted through Fannie Mae and Freddie Mac. Why do you think it isn't backed by them? LPMI can be a great way to eliminate mortgage insurance.

  (0)
1st in Condos in Chicago

Answer

We have a non warrantable first in condo option.  In general here are the guidelines:20% downno presale requirementsassociation not turned over is okconversions okNew construction requires a full condo review and budgetCould be first financed unit as long as property hasn't been on the market more than 3 monthsIf you want more information, let me know..

  (0)
should I lock, float, or walk away?

Answer

The rate seems a little high even though rates have edged up recently.  It is also contingent on credit score though, particularly refinancing to conventional financing.  I think it makes sense to payoff the FHA loan since you have the equity and you can eliminate the mortgage insurance.  I'd be happy to offer you a second opinion and I am in Chicago. 

  (0)
Is a Mortgage w/o 4506-T available in this scenario?

Answer

ok.  Let's see if other lenders have an option for you.  My suggestion is to file 2013 asap and bring into a local IRS office.  The 2013 likely will have a transcript before the 2012 especially if you bring it into a local office to file it. Based on your downpayment, score, job history, etc you likely will only need 1 year of transcripts...And the 2011 is too outdated. 

  (0)
Qualifying for mortgage without 2 years work history?

Answer

You can add your brother as non occupant coborrower on an FHA loan and conventional also.  Even though you are short the 2 years employment history, with a strong explanation and employment letter you should have an option. Also, worse case is adding your brother as non occupant coborrower. 

  (0)